Crude prices climbed after renewed hostilities broke out near the Strait of Hormuz, drawing attention to the vulnerability of energy supplies from the region following an extended period of unrest. November Brent crude edged toward the $90-per-barrel mark, with West Texas Intermediate trading close to $85.

According to Captain Tim Hawkins, a spokesperson for US Central Command, military forces targeted Iranian rocket launchers that were reportedly positioned to deploy mines into the waterway on Sunday, bringing an end to a period of relative calm. A news outlet reported, citing an unnamed source with knowledge of the matter, that forces from Iran had struck positions held by the United States in Jordan, with incoming missiles having been intercepted.

No substantial harm had been reported at that point. A Pepperstone Group analyst noted that strikes on Iranian launch positions were unlikely to advance diplomatic efforts, and that retaliatory fire from Iran toward Jordan would be equally counterproductive, adding that traders appeared to have little inclination to push crude oil prices notably upward, given the limited follow-through observed after elevated order flows at the opening.

Oil markets are concluding a turbulent 30-day period during which Brent futures traded across a range of nearly $17 per barrel. Markets have been unsettled by inconsistent diplomatic efforts to resolve the conflict between the US and Iran, alongside a commitment by Treasury Secretary Scott Bessent to pressure Tehran into compliance through an expanded campaign of economic restrictions targeting the country's financial system.

Regardless of any formal agreement between the parties, cargo trackers report that approximately 6 million to 8 million barrels of oil per day continue to pass through the Strait of Hormuz. In a separate development, Iran's semi-official Mehr news agency stated that ship movements along a Tehran-sanctioned corridor were proceeding on a restricted basis, with vessels reportedly subject to toll payments.

Towards the end of last week, the leading Pentagon commander overseeing the region announced that naval personnel had removed Iranian mines from the Strait of Hormuz, with maritime routes now confirmed as navigable. The shipping route connecting the Persian Gulf to international trade has remained a point of contention since armed conflict began in late February.

Separately, the United States has pursued a reported 100-year concession arrangement covering 17 oil fields in Venezuela, encompassing an estimated 65 billion barrels of reserves. Trump indicated that the oil would go toward replenishing the country's strategic petroleum reserve.

Tensions between the United States and Iran, along with the ongoing conflict in Ukraine and Russia, have pushed fuel costs higher, particularly for diesel. Trump is scheduled to hold talks with fuel refinery industry leaders on Tuesday regarding strategies for reducing consumer prices.

Brent futures volumes are expected to fall below typical levels during Monday's trading, as England and other parts of the UK observe a public holiday.